- Downing Street has asserted that Rachel Reeves' authority as chancellor remains undiminished following Prime Minister Sir Keir Starmer's recent reshuffle of his team.
- The government reiterated its "ironclad commitment" to fiscal rules amidst a surge in long-term government borrowing costs, with gilt yields reaching their highest level since 1998.
- The reshuffle saw Darren Jones, the chancellor's deputy, move to chief secretary to the prime minister, a move some interpreted as an attempt to sideline the chancellor.
- Sir Keir Starmer also appointed Baroness Minouche Shafik as his chief economic adviser and Dan York-Smith as his principal private secretary, aiming to bolster No 10's economic expertise.
- Asked whether Ms Reeves’ role had been diminished, a spokesperson for Mr Starmer said the reshuffle “reflects the strengthening of the relationship between the prime minister and the chancellor“.
IN FULL
